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4 Carta del Consejero Delegado Letter from CEO Estimados clientes, empleados, colaboradores y accionistas: Con motivo de la publicación del informe anual de Gmp, me dirijo a ustedes para compartir los aspectos más destacables de su actividad en 2014, así como sus perspectivas de futuro. En primer lugar, en nombre del Consejo de Administración quiero expresarles nuestro sincero agradecimiento por su confianza, apoyo y compromiso, que nos han permitido alcanzar una posición preeminente en el mercado de oficinas de Madrid. La gestión de Gmp en 2014 se ha orientado a aprovechar las oportunidades de un mercado que muestra signos de recuperación, así como a sentar las bases para un crecimiento ordenado y ambicioso en los próximos ejercicios. Como ya compartí con ustedes hace ahora un año, el Plan estratégico apuesta decididamente por potenciar nuestro posicionamiento patrimonialista en el segmento de oficinas mediante inversiones en activos con recorrido, la gestión activa de nuestro patrimonio y la rotación de inmuebles no estratégicos destinada a la reinversión en otros con capacidad de creación de valor ha sido el primer ejercicio en el que se han aplicado las líneas definidas en dicho plan, con una sucesión de hitos que marcan un antes y un después en la trayectoria empresarial de la Compañía. Destaco a continuación los más relevantes: El pasado mes de octubre, Gmp dio entrada en su accionariado a un socio con probadas credenciales internacionales de éxito: una sociedad participada al 100% por GIC, el fondo soberano de inversión del Gobierno de Singapur. Se trata de una alianza estratégica a largo pla- Dear clients, employees, partners and shareholders: On the occasion of the publication of Gmp s Annual Report, I am writing to share the highlights of the Company s activity in 2014 and its future prospects. First, on behalf of the Board of Directors, I would like to express our sincere gratitude for your confidence, support and commitment, which has enabled us to reach a preeminent position in the office market in Madrid. Over 2014, Gmp has focused on leveraging opportunities in a market that is showing signs of recovery, as well as on laying the foundations for systematic and ambitious growth in the forthcoming years. One year ago I shared with you our Strategic Plan which strongly commits to strengthening our property-owning position in the office segment through investing in assets with potential, active management of our portfolio and rotation of non-strategic properties in order to reinvest in others with a greater capacity to create value has been the first year in which we have applied the guidelines set out in the aforementioned plan, achieving a series of milestones that serve as a turning point in the Company s business trajectory. I highlight the most relevant events below: In October of last year, a partner with a proven track record in international markets, a company 100% owned by GIC, the sovereign wealth fund of the Singapore Government, was invited to join Gmp. This longterm strategic alliance is based on a capital increase that strengthens our position and investment capacity. Since this alliance was struck, over the first quarter of the current financial year, investments worth 125 million euros have been made, which includes the acquisition of the

5 zo, articulada a través de una ampliación de capital que refuerza nuestra posición y capacidad inversora. Tras la misma, en el primer trimestre del presente ejercicio, se han acometido ya inversiones por un valor de 125 millones de euros, que incluyen la adquisición del edificio de Castellana 77, en pleno corazón financiero de Madrid, en el distrito de AZCA, y la del inmueble situado en Condesa de Venadito, 1. En julio de 2014, Gmp adquirió el edificio situado en Eloy Gonzalo, 10 cuya rehabilitación integral inició inmediatamente después. El mismo fue alquilado en su totalidad en diciembre, casi un año antes del fin de las obras, previsto para octubre de A lo largo del ejercicio, la Compañía ha acometido inversiones orientadas a la mejora de la calidad y eficiencia energética de su portfolio de activos. Es destacable el proceso de certificación Leed de la práctica totalidad de los edificios en cartera iniciado a mediados de 2014, que se prevé culminará a finales del año en curso. Como complemento a su estrategia inversora, Gmp vendió en mayo un activo no estratégico, situado en Vía de los Poblados. Finalmente, otro hecho destacable ha sido la nueva forma jurídica adoptada por la Compañía que se ha constituido en SOCIMI (Sociedad Anónima Cotizada de Inversión en el Mercado Inmobiliario) el pasado mes de septiembre. La nueva denominación social es Gmp Property SOCIMI S.A. En relación a los resultados, Gmp ha cerrado 2014 satisfactoriamente. Los ingresos de explotación han alcanzado los 94 millones de euros, un EBITDA de 51 millones de euros y un beneficio consolidado antes de impuestos de 73 millones de euros. El negocio patrimonialista ha aportado el 99% del EBITDA y sigue siendo el principal building at Castellana 77, in the financial heart of Madrid, in the AZCA district, and the property situated at Condesa de Venadito, 1. In July 2014, Gmp acquired the building at Eloy Gonzalo, 10 and full renovation on the property commenced immediately. By December of last year it was already fully leased, nearly a year before the end of the renovation work, scheduled to be completed by October Over 2014, the Company has made investments aimed at improving the quality and energy efficiency of its portfolio of assets. It is worth highlighting the LEED certification process for nearly all the buildings in our portfolio, which started in mid 2014 and is expected to finish at the end of this current year. In May, Gmp sold a non-strategic asset, situated in Vía de los Poblados to complement its investment strategy. Finally, another highlight has been the Company s new legal status at a REIT -Real Estate Investment Trust- (SOCIMI in Spanish) back in September. The new Company name is Gmp Property SOCIMI S.A. In terms of results, Gmp has closed 2014 satisfactorily. Operating revenue reached 94 million euros, with an EBITDA of 51 million euros and EBIT of 73 million euros. Our property-owning business accounts for 99% of the EBITDA and continues to be the Company s core business. Throughout the year, intense commercial activity has led to the signing of new lease contracts for 31,000 m 2 from our portfolio and the renewal of contracts covering an area of 47,000 m 2.

6 Carta del Consejero Delegado Letter from CEO de la Compañía. A lo largo del ejercicio se ha desarrollado una intensa labor comercial que ha permitido firmar nuevos contratos de arrendamiento para m 2 del portfolio y renovar contratos de m 2. En cuanto a Las Colinas Golf & Country Club, el exclusivo desarrollo de turismo residencial al sur de Alicante que complementa el negocio principal de oficinas de Gmp, en 2014 ha seguido desempeñando su función como máster developer de la promoción residencial. A cierre de ejercicio se había comercializado ya el 63% de las viviendas en desarrollo en el suelo adquirido por promotores a finales de En el primer trimestre de 2015, el Golf & Country Club ha sido seleccionado finalista en los World Travel Awards, en las categorías Resort de Villas Líder en España y Resort de Villas Líder en Europa, y su campo de golf ha resultado nominado en los World Golf Awards, en la categoría Mejor Campo de Golf de España. La Compañía ha sido también muy activa en el área de la Responsabilidad Social Empresarial. Además de la cesión de espacios de oficinas y salas de reuniones de sus edificios a instituciones dedicadas a mejorar la vida de personas con Síndrome de Down y Daño Cerebral, la Fundación Gmp ha desarrollado una importante labor de acción social mediante el apoyo a entidades sociales y proyectos dirigidos a ambos colectivos. No quiero finalizar sin manifestar un especial reconocimiento a los empleados de Gmp, cuya experiencia, dedicación e iniciativa constituyen el principal capital de la empresa y la clave de sus logros. Gmp afronta el futuro con optimismo. Las previsiones del conjunto de analistas de mercado para 2015 son With regard to Las Colinas Golf & Country Club, the exclusive residential tourism development south of Alicante that complements Gmp s core office business, in 2014 Gmp has continued to act as master developer for residential sales. At the close of the year, 63% of homes being built on land acquired by developers at the end of 2013 had already been sold. In the first quarter of 2015, the Golf & Country Club has been shortlisted for the World Travel Awards, in the categories Spain s Leading Villa Resort and Europe s Leading Villa Resort, and its golf course has been nominated in the World Golf Awards, in the Spain s Best Golf Course category. The Company has also been very active in the area of Corporate Social Responsibility. Apart from providing offices and meeting rooms in our buildings to institutions dedicated to improving the life of people with Down Syndrome and Brain Injury, the Gmp Foundation has also performed social actions via the support of social organisations and projects aimed at aforementioned groups. Before concluding, I would like to recognise the efforts of employees at Gmp, whose experience, commitment and proactiveness are the Company s main asset and the key to its achievements. Gmp faces the future with optimism. The forecasts from all the market analysts for 2015 are positive. Fortunately, the Spanish economy in 2014 has fared better than in previous years. After five consecutive quarters of growth, the change in trend that began at the end of 2013 seems to have been confirmed. GDP has grown by 1.4% and it is expected to grow by 2.8% in 2015, above the average forecast for the Eurozone.

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